Investor

Presentation

Deck

May 2021

miravohealthcare.com

TSX: MRV / OTCQX: MRVFF

LEGAL DISCLAIMER

2

Non-Reliance

This presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate an investment in the securities of Nuvo Pharmaceuticals Inc. d/b/a Miravo Healthcare

(“Miravo” or the “Company”). No representation or warranty, express or implied, is given, and so far as is permitted by law, no responsibility or liability is accepted by any person with respect to the accuracy or

completeness of this presentation or its contents. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any

projections, targets, estimates or forecasts contained in this presentation. In giving this presentation, the Company does not undertake any obligation to provide any additional information or to update this presentation or

any additional information or to correct any inaccuracies which may become apparent. This presentation has been prepared without reference to your particular investment objectives, financial situation, taxation position

and particular needs. If you are in any doubt in relation to these matters, you should consult your financial or other advisers.

Cautionary Statements Regarding Forward-Looking Information

This presentation contains “forward-looking information” as defined under Canadian securities laws (collectively, “forward-looking statements”). This presentation should be viewed in conjunction with the Company’s

publicly filed documents. Forward-looking statements appear in this presentation and include, but are not limited to, statements which reflect management’s expectations regarding objectives, plans, goals, strategies, future

growth, results of operations, performance, business prospects, opportunities and macroeconomic and industry trends. The words “plans”, “expects”, “does not expect”, “goals”, “seek”, “strategy”, “future”, “estimates”,

“intends”, “anticipates”, “does not anticipate”, “projected”, “believes” or variations of such words and phrases or statements to the effect that certain actions, events or results “may”, “will”, “could”, “would”, “should”, “might”,

“likely”, “occur”, “be achieved” or “continue” and similar expressions identify forward-looking statements. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future

events or circumstances contain forward-looking statements, including with respect to the Company’s growth strategy, anticipated product launches and expected regulatory approvals. Forward-looking statements are not

historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Such forward-looking statements are qualified in their entirety by the inherent risks,

uncertainties and changes in circumstances surrounding future expectations which are difficult to predict and many of which are beyond the control of the Company. Forward-looking statements are necessarily based on a

number of estimates and assumptions that, while considered reasonable by management of the Company as of the date of this presentation, are inherently subject to significant business, economic and competitive

uncertainties and contingencies. The Company’s estimates, beliefs and assumptions, which may prove to be incorrect, and material risk factors that could cause actual results to differ materially from the forward-looking

statements, include but are not limited to, the outcome of ongoing patent litigation in relation to VIMOVO with respect to the ‘996 and ‘920 Patents, the potential impact of COVID-19 on the Company’s business, operations

and financial condition, and other factors, many of which are beyond the control of Miravo. Additional factors that could cause Miravo’s actual results and financial condition to differ materially from those indicated in the

forward-looking statements include, among others, the risk factors included in Miravo’s most recent Annual Information Form dated March 5, 2021 under the heading “Risks Factors”, and as described from time to time in

the reports and disclosure documents filed by Miravo with Canadian securities regulatory agencies and commissions. When relying on forward-looking statements to make decisions, the Company cautions readers not to

place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties. Forward-looking statements should not be read as guarantees of future performance or results and will

not necessarily be accurate indications of whether or not the times at or by which such performance or results will be achieved. If any risks or uncertainties with respect to the foregoing, or if the opinions, estimates or

assumptions underlying the forward-looking statements prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking statements. Although management has attempted

to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not presently known that management believes are not

material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements.

All forward-looking statements are based only on information currently available to the Company and are made as of the date of this presentation. Except as expressly required by applicable Canadian securities law, the

Company assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. All forward-looking statements in this presentation are

qualified by these cautionary statements.

LEGAL DISCLAIMER CONTINUED

3

Non-IFRS Measures

This presentation includes certain measures (such as Adjusted Total Revenue, Adjusted EBITDA and Cash Value of Loans) that are not measures recognized under international financial reporting standards (IFRS). Miravo

believes that shareholders, investment analysts and other readers find such measures helpful in understanding Miravo's financial performance. Nevertheless, these financial measures do not have any standardized meaning

prescribed by IFRS and may not have been calculated in the same way as similarly named financial measures presented by other companies. These measures should be considered as supplemental in nature and not as a

substitute for related financial information prepared in accordance with IFRS.

The Company defines adjusted total revenue as total revenue plus amounts billed to customers for existing contract assets less revenue recognized upon recognition of a contract asset. Management believes adjusted total

revenue is a useful supplemental measure from which to determine the Company’s ability to generate cash from its customer contracts that is used to fund its operations.

EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and amortization, net interest expense (income) and income tax expense (recovery). The Company defines adjusted EBITDA as

EBITDA, plus amounts billed to customers for existing contract assets, inventory step-up expenses, stock-based compensation expense, Other Expenses (Income), less revenue recognized upon recognition of a contract

asset and other income. Management believes adjusted EBITDA is a useful supplemental measure to determine the Company’s ability to generate cash available for working capital, capital expenditures, debt repayments,

interest expense and income taxes.

The Company defines cash value of loans as the total sum of money borrowed under the Deerfield Facility Agreement, less any payments to-date. Cash Value of Loans does not consider fair value discounting when

describing the Company’s outstanding debt. Management believes Cash Value of Loans is a useful supplemental measure to describe the debt outstanding under the Deerfield Facility Agreement.

See slides 29 to 33 for the Company’s definition and reconciliation of the Company’s financial results to its non-IFRS measures, as well as the Company’s Management, Discussion & Analysis.

Canadian Commercial business

focused on Pain, Neurology, Allergy,

And Dermatology therapeutics

17 Global Distribution

Partners across 31 Countries

Miravo currently holds over

100 global patents and

patent applications

MIRAVO AT A GLANCE

Miravo is a Canadian focused, healthcare company with global reach and a diversified

portfolio of commercial Rx & non-Rx products

22 Products

7 Proprietary Products

~100 Employees

Strong Canadian

Commercial Platform

Creative and Diverse

Management Team

Flexible Turnkey

Manufacturing Capabilities

Irish Operations Supporting

Global Business

Agile In-house

Regulatory

and Medical

Affairs Team

Products in pain,

neurology, allergy,

& dermatology

4

• New product launches likely to accelerate rate of growth of

Canadian commercial business in 2021 and beyond

• 2021 includes targeted investments in new product launches

and key growth initiatives

• Room to grow market share in all categories

Robust product portfolio across the pain,

neurology, allergy and dermatology verticals

KEY INVESTOR CONSIDERATIONS

• Executing on a new commercial growth strategy and

delivering diversification through new Canadian product

launches and international expansion

• Targeted and disciplined New Business Development

Activity to build a sustainable and growth oriented pipeline

Repositioned for growth following 2019

transformation plan

• Adjusted Revenues - $14.5M Q1 2021

• Adjusted EBITDA - $4.4M Q1 2021

• Strong cash position of $23.8M as at March 31, 2021

• Attractive 3.5% coupon rate on debt with a clear path to

repayment

• Continued reduction of corporate debt - $3.6M repaid in Q1 2021

Strong cash position and significant

cashflow

• High margin royalty streams contributing strong cash flow

• New territories and partnerships to drive further expansion

Including recent and upcoming product launches in international

markets

Valuable patent portfolio complemented

by strong global distribution partners

5

Focused on

Canadian and International

Business Expansion

Launching new

products in Canada

through our internal

commercial

infrastructure

Leveraging free

capacity from our

manufacturing facility

to support global

expansion

Creating intellectual

property portfolios

that provide defense

against competitive

threats

Expanding the

geographical footprint

of our IP globally through

license and distribution

partners

Focused on pain, neurology, allergy,& dermatology

OUR GROWTH STRATEGY

6

In-licensing or

acquiring accretive,

growth-oriented

products

CANADIAN COMMERCIAL SEGMENT - KEY PROMOTED BRANDS

7

Product

Indication

Competitive

Advantage

Commercial

Status

IP/Exclusivity

• Fixed-dose, oral combination of

sumatriptan and naproxen

• Acute treatment of migraine

headaches with/without aura in adults

• Proprietary technology allowing faster

drug absorption in the intestine

• Superior efficacy vs sumatriptan or

naproxen alone

• Approved and marketed in the U.S.

• Approved in Canada March 2020

• Launched in Canada September 2020

• 1 issued patent in Canada 2023 expiry

• Diclofenac potassium (NSAID) powder

for oral solution

• Acute treatment of migraine attacks

with / without aura in adults 18 years and older

• Oral NSAID with the fastest onset of action

compared to all oral/nasal migraine

medications

• Only approved prescription NSAID for

migraine in Canada

• In-licensed from Assertio

• Approved and launched in Canada in 2012

• 2 issued patent in Canada 2026 expiry

• 2nd generation oral anti-histamine

(bilastine)

• Seasonal allergic rhinitis (allergies)

• Chronic Spontaneous urticaria (hives)

• Significantly better safety profile than

cetirizine

• Positioned to be a new gold standard

treatment

• In-licensed from Faes Farma

• Approved and launched in Canada

in 2016

• New molecule exclusivity in Canada

through October 2024

Cambia and Blexten generated $5.6 million in Q1 2021

• In-licensed from FIDIA Farmaceutici

S.p.A.

• Approved in Canada September

2020

• Launched in Canada January 2021

• Hyaluronic acid 1.5% administered

by intra-articular injection

• Treatment of pain and improvement

of joint functionality in patients affected

by degenerative or mechanical

arthropathy of the knee

• Single low volume 4mL and 3x2mL

injections

• High molecular weight

• Efficacy supported by Phase III clinical

data

Commercial segment represented 60% ($8.8 million) of total Revenue in Q1 2021

BLEXTEN DEMONSTRATING CONTINUED QUARTER-OVER-QUARTER TRX

MARKET SHARE AND VOLUME GROWTH

8

6,9

03

26

,76

2

29

,32

0

29

,22

5

33

,85

7 64

,40

4

65

,20

8

56

,55

3

60

,39

1

10

5,3

93

10

1,9

53

85

,09

9

93

,21

4

14

1,3

58

13

2,6

27

10

9,3

40

11

4,0

17

1.6%

4.4%

5.2%6.0%

6.9%

9.8%

10.5% 10.3%

11.2%

13.8%13.9% 13.6%

14.4%

16.1% 16.4%

16.2%

16.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019 2020 2021

Blexten TRx Volume

Blexten TRx MS

33

,85

7

60

,39

1 93

,21

4

11

4,0

17

1.6%

6.9%

11.2%

14.4%

16.8%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

16.0%

18.0%

0

20,000

40,000

60,000

80,000

100,000

120,000

YTD Mar2017

YTD Mar2018

YTD Mar2019

YTD Mar2020

YTD Mar2021

Blexten TRx Volume

Blexten TRx MS

BLEXTEN CONTINUES TO TAKE MARKET SHARE FROM CETIRIZINE

Since Blexten’s launch Cetirizine has lost 16.1% TRx Market Share

9

71.5% 71.1%68.7% 67.9% 67.7%

64.8%62.2% 62.3% 60.9% 59.2% 58.3% 57.9% 57.0% 57.7% 56.0% 55.9% 55.4%

1.6%

4.4%5.2%

6.0%6.8%

9.8% 10.5% 10.3%11.2%

13.7% 13.9% 13.6%14.4%

16.1% 16.4% 16.2% 16.8%

0%

5%

10%

15%

60%

70%

Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 Q 3 Q 4 Q 1

2017 2018 2019 2020 2021

Cetirizine TRx MS

Blexten TRx MS

CAMBIA DEMONSTRATING CONTINUED QUARTER-OVER-QUARTER TRX

MARKET SHARE GROWTH

10

9,1

90

10

,47

7

11

,25

2

13

,10

5

13

,72

8

15

,01

8

15

,50

7

17

,46

0

17

,65

4

19

,49

8

20

,24

9

21

,46

2

23

,00

7

21

,58

6

22

,88

4

24

,98

0

25

,15

5

2.3%2.5%

2.7%3.0%

3.3%3.5% 3.5%

3.7%4.0%

4.2%4.4% 4.4%

4.7% 4.8% 4.8%5.0% 5.3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

5,000

10,000

15,000

20,000

25,000

30,000

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017 2018 2019 2020 2021

Cambia TRx Volume

Cambia TRx Mkt Shr

9,1

90

13

,72

8

17

,65

4

23

,00

7

25

,15

5

2.3%

3.3%

4.0%

4.7%

5.3%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

5,000

10,000

15,000

20,000

25,000

30,000

YTD Mar2017

YTD Mar2018

YTD Mar2019

YTD Mar2020

YTD Mar2021

Cambia TRx Volume

Cambia TRx MS

COMMERCIAL BUSINESSSuvexx - Positive Launch Metrics Pointing to Growth

11

Launched in Canada on September 1, 2020

• Suvexx (sumatriptan succinate and naproxen sodium tablets) is a fixed-dose combination prescription medication in a single tablet

• Indicated for the acute treatment of migraine attacks with or without aura in adults

• Over 4,300 prescriptions written over first 7 months of launch*

• ~0.5% TRx market share achieved already

• ~75% of new prescriptions resulting from HCPs switching patients from existing Triptan therapies*

• ~95% of physicians surveyed in recent market research have indicated an intent to increase prescriptions of Suvexx in their practice#

*IQVIA data# market research data on file, N=22

COMMERCIAL BUSINESSExpanding the Product Pipeline

12

Blexten Pediatric

• Blexten pediatric includes two SKUs – an oral solution formulation (2.5mg/mL) and a quick-melt tablet formulation (10mg tablets)

• Blexten pediatric is anticipated to be indicated for treatment of seasonal allergic rhinitis and chronic spontaneous urticaria in children

• The Blexten pediatric dossier was accepted for review by Health Canada in October 2020

• Regulatory decision anticipated by late summer 2021

COMMERCIAL BUSINESSNeoVisc One/+ - Rapidly Regaining Past Marketing Share

13

• NeoVisc is a viscosupplement used to replenish the synovial fluLid in the joints of patients with osteoarthritis

• a new low volume (1 x 4mL vs. 1 x 6mL), single injection presentation called NeoVisc ONE

• a new triple injection presentation called NeoVisc+ (3 x 2ml)

• Miravo Canada has been selling NeoVisc in Canada for over 10 years - ~$23 million market annually*

• Both NeoVisc ONE and NeoVisc+ were issued a Medical Device License by Health Canada in September 2020 and launched in Canada January 2021

• 44% of private insurers were already reimbursing NeoVisc ONE and NeoVisc+ within 3 months of launch

* Based on IQVIA data – does not include direct to clinic sales

COMMERCIAL SEGMENT – LEGACY PRODUCTS PORTFOLIO

14

Product Use Format Active Ingredients

Head Lice Topical Solution Isopropyl Myristate

Mixed Dyslipidemia Oral Tablet Bezafibrate

Psoriasis Oral Capsule Acitretin

Iron Deficiency Oral Tablet Heme Iron Polypeptide

Tension-type Headache Relief Oral Capsule Aspirin-caffeine-butalbital-(codeine)

Interstitial Cystitis Instillation Chondroitin Sulfate

Post-operative Infection Prevention Implant Collagen + gentamicin

Gastrointestinal Relief Tablet E.coli Nissle 1917

Bowel prep / Gastrointestinal Relief Oral solution PEG 3350

(1)(1)

(1) Products are available in Canada and not promoted in any capacity.

PRODUCTION & SERVICE SEGMENT

15

Key revenue streams include:

U.S. and Switzerland

Canada, Italy, Greece

Various EU markets and the U.S. (H2 2021)

Heated Lidocaine/ Tetracaine (HLT) Patch -

U.S. and select EU markets

Ad hoc service and testing agreements

Production and Services segment represented 18% ($2.6 million of total Revenue in Q1 2021)

This segment includes revenue from

products manufactured by Miravo at its

facility in Varennes, Quebec, or from

product contract manufactured for Miravo

and supplied to Miravo distribution

partners. It also includes service revenues

from testing, development and related

quality assurance and quality control

services.

MIRAVO MANUFACTURING FACILTY

Miravo’s manufacturing facility

is currently operating at

~25% capacity and is profitable

Annual capex spend

is ~ $400k

GMP – certified (FDA,

Health Canada, MHRA)

Packaging capabilities

(sachets, tubes, bottles)

4 lines of production,

2 compounding rooms

Can produce liquids,

gels, lotions & creams

Quality Assurance

Quality Control (in-house

microbiology laboratory)

Compliance with Drug

Quality and Security Act

Logistics & Strategic

Sourcing

R&D

Fully integrated

pharmaceutical manufacturer

26,000 sq. ft. facility

Varennes, Quebec, Canada

16

LICENSING & ROYALTY SEGMENT

17

17

Licensing & Royalty Segment represented 21% ($3.0 million) of Total Revenue in Q1 2021

Net sales in the U.S. through Horizon Therapeutics

Net sales in ROW incl. Europe, Canada & South America through Grunenthal GmbH

Net sales in select European markets via various license partners

Net sales of Cabpirin related to the licensing of Yosprala IP in Japanese market

Miravo continues to look for global licensing partners with a focus on Europe, U.S., Middle East

& Asia

The Licensing & Royalty Business segment has continued growth potential across multiple

product lines

Royalty revenue generated from licensing of IP under exclusive licensing agreements.Royalties currently generated from:

INTERNATIONAL BUSINESS

EXPANSION INTO NEW TERRITORIES IN 2021

18

18

Pennsaid 2%

• Resultz anticipated to be launched in U.S. market during Summer 2021

• Miravo will earn revenue on finished product supply to Mentholatum

• Heumann commercial launch in Germany continues - pandemic restrictions

slowing commercial roll out

• Gebro Pharma, the Pennsaid 2% licensee in Switzerland, received

marketing authorization for Pennsaid 2% from Swissmedic

• Launched in Switzerland in January 2021

• Miravo will earn royalties on net sales of Pennsaid 2% in Switzerland

• Miravo will earn revenue on finished product supply to Gebro

Resultz

Suvexx• On December 21, 2020, Miravo Ireland licensed exclusive rights for Suvexx to

Orion Corporation for select EU markets

• Miravo will earn royalties on net sales of Suvexx in the Orion territories -

starting in 2022 subject to regulatory approval - potential 10 years exclusivity

TM

Financial

19

THE ARALEZ TRANSACTION

On December 31, 2018, Miravo announced the acquisition of a portfolio

of >20 revenue generating products from Aralez Pharmaceuticals

The Aralez Transaction included the acquisition of Aralez Canada, a growing business that includes

the products Cambia, Blexten, as well as Canadian distribution rights to Resultz, and provides a

platform for the Company to acquire and launch additional commercial products in Canada

The Company also acquired the worldwide rights and royalties from Licensees for Vimovo,

Yosprala and Suvexx/Treximet

CAD$146.4M was paid to Aralez subject to certain working capital and indebtedness adjustments

The Company satisfied the purchase price through the Deerfield Financing

20

ADJUSTED TOTAL REVENUE AND ADJUSTED EBITDA

0

10

20

30

40

50

60

70

80

$17.5

$2.5

2017

$20.5

-$3.1

2018

$74.7

$27.2

2019

ADJUSTED TOTAL REVENUE ADJUSTED EBITDA

CDN$ Millions

21

Adjusted total revenue and Adjusted EBITDA are non-IFRS measure – see slides 29-33 for the definition and reconciliation.

$71.0

$28.4

2020

Generic version of Vimovo

launched in U.S. Q1 2020

ADJUSTED TOTAL REVENUE

22

Adjusted Total Revenue is a non-IFRS measure – see slide 31 for definition of Adjusted Total Revenue.

Commercial Business

Production and

Service Business

Licensing andRoyalty Business

2021 vs 2020

Q1 - $1.8 million decreaseQ1-20 includes forward buying linked to COVID-19

Q1-21 decline in revenue from mature products

Q1 - $0.3 million decreaseDecrease in Resultz product sales

Strengthening of Canadian Dollar

Q1 - $2.3 million decreaseReduction of U.S. Vimovo royalty stream from generic

competitor launch in Q1 2020

Strengthening of Canadian Dollar

CDN$ Millions

$18.9

$14.5

0

5

10

15

20

Q1

2020 2021

Q1 2021 Adjusted Total Revenue

Decreased 23% Over Prior Year Quarter

ADJUSTED EBITDA

23

Adjusted EBITDA is a non-IFRS measure – see slide 32 for definition of Adjusted EBITDA.

CDN$ Millions

$8.0

$4.4

0

2

4

6

8

10

Q1

2020 2021

Q1 2021

Decrease in Gross ProfitQ1-20 includes forward buying linked to COVID-19

Reduction in revenue from mature products

Reduction in Resultz Product sales

Reduction of U.S. Vimovo royalty stream from generic

competitor launch in Q1 2020

Increase in Sales and Marketing ExpensesQ1-21 includes targeted investment in certain promotional

efforts for the Company’s promoted products

Incremental expenses to support product launches

General and Administrative Expenses Q1-21 decrease in regulatory consulting fees and

professional expenses

DEBT REDUCTION SINCE JANUARY 1, 2019

24

US$ Millions

$6.0

$60.0

$52.5

$0.0

$43.8

$52.5

0

10

20

30

40

50

60

70

Bridge Loan Amortization Loan Convertible Loan

January 1, 2019 March 31, 2021

Cash Value of Loans is a non-IFRS measure. See slide 33 for reconciliation of the Company’s Cash Value of Loans to its financial statements.

Cash Value of Loans

Convertible Loan

Not pre-payable per the terms of the

Deerfield facility agreement.

Amortization Loan

US$16.2 million repaid

Bridge Loan

US$6.0 million repaid

Cash Sweep repayment mechanism

(minimum US$10.0M per year or per

Amendment); Warrants

US$2.70 per share conversion

Interest Rate: 12.5% p/a

Interest Rate: 3.5% p/a

Interest Rate: 3.5% p/a

CASH AND CAPITAL STRUCTURE

Summary of fully diluted capitalization table

25

Capital market summary

2020 vs 2019

Q1 2021

Capital Market Summary

May 12, 2021

Stock Symbol TSX:MRV

OTCQX:MRVFF

Market Cap

(May 12, 2021)

$19.9 million

$1.67 per share

52 Week Share Price Low-High $0.64 - $2.50

Cash (As at March 31, 2021) $23.8 million

Enterprise Value

(As at March 31, 2021)

$116.3 Million

[Cash Value of Loans $121.1 Million + Market Cap $19.0 Million - Cash $23.8 Million]

Outstanding Securities (000s)

May 12, 2021

Units

Outstanding

Weighted Average

Exercise Price

Common Shares Issued and Outstanding 11,388 $1.67 closing share price May 12

Stock Options Outstanding 1,668 $3.29

Convertible Loan 19,444 US$2.70 per share

Warrants 25,556 $3.53

Total 58,056

MIRAVO INVESTMENT HIGHLIGHTS

A repositioned company that is profitable

Q1 2021 - Adjusted Total Revenue of$14.5 million and Adjusted EBITDA of $4.4 million

Cash Provided by Operating Activities -Q1 2021 - $3.1 million

Attractive 3.5% coupon rate on debt financingwith a clear path to debt repayment

Well positioned to grow

Continued expansion of existing product sales

Recent and upcoming product launches in Canada

And in key international markets

New business development activity to builda large pipeline

Successfully executing on growth strategy

Key revenue generating product portfolio protectedby market exclusivity, IP and long-term partnerships

26

Thank YouInvestor Relations Contact

Glen Akselrod

905 326 1888

www.bristolir.com

glen@bristolir.com

27

TM

Appendix

28

ADJUSTED TOTAL REVENUE / ADJUSTED EBITDA / CASH VALUE OF LOANS

29

The Company defines adjusted total revenue as total revenue, plus amounts billed to customers for existing

contract assets, less revenue recognized upon recognition of a contract asset. Management believes

adjusted total revenue is a useful supplemental measure to determine the Company’s ability to generate

cash from its customer contracts used to fund its operations.

EBITDA refers to net income (loss) determined in accordance with IFRS, before depreciation and

amortization, net interest expense (income) and income tax expense (recovery). The Company defines

adjusted EBITDA as EBITDA, plus amounts billed to customers for existing contract assets, inventory step-

up expenses, stock-based compensation expense, Other Expenses (Income), less revenue recognized upon

recognition of a contract asset and other income. Management believes adjusted EBITDA is a useful

supplemental measure to determine the Company’s ability to generate cash available for working capital,

capital expenditures, debt repayments, interest expense and income taxes.

The Company defines cash value of loans as the total sum of money borrowed under the Deerfield Facility

Agreement less any payments to date. Cash value of loans does not consider fair value discounting when

describing the Company’s outstanding debt. Management believes cash value of loans is a usefulsupplemental measure to describe the debt outstanding under the Deerfield Facility Agreement.

RECONCILIATION OF ADJUSTED TOTAL REVENUE

/ ADJUSTED EBITDA (FY2020, 2019, 2018 & 2017)

30

Year ended

December 31

2020 2019 2018 2017

in thousands $ $ $ $

Net income (loss) (4,129) 3,399 (6,153) 1,581

Add back:

Income tax expense (recovery) 1,152 28 (187) 1

Net interest expense (income) 11,441 10,305 (32) (157)

Depreciation and amortization 9,256 9,546 2,493 258

EBITDA 17,720 23,278 (3,879) 1,683

Add back:

Amounts billed to customers for

existing contract assets 2,680 5,178 475 -

Stock-based compensation 261 457 795 486

Deduct:

Revenue recognized upon

recognition of a contract asset (5,496) - - -

Other Expenses (Income):

Loss on disposal of contract assets - - 452 -

Change in fair value of derivative

liabilities 11,728 (31,070) - -

Change in fair value of contingent

and variable consideration 1,794 1,216 (518) -

Impairment 1,583 23,780 - -

Foreign currency loss (gain) (1,145) (2,598) (429) 336

Inventory step-up 1,411 4,979 - -

Other losses (gains) (2,093) 2,060 - (44)

Adjusted EBITDA 28,443 27,242 (3,104) 2,461

Year ended

December 31

2020 2019 2018 2017

in thousands $ $ $

Total revenue 73,775 69,546 19,998 17,523

Add:

Amounts billed to customers for existing

contract assets (1) 2,680 5,178 475 -

Deduct:

Revenue recognized upon recognition

of a contract asset (5,496) - - -

Adjusted total revenue 70,959 74,724 20,473 17,723

(1) The Company had adopted IFRS 15 - Revenue from Contracts with Customers (IFRS 15) with a

date of initial application of January 1, 2018. As a result, for the fiscal year 2017, the Company had

no adjustment to adjusted total revenue.

31

RECONCILIATION OF ADJUSTED TOTAL REVENUE

Three Months ended

March 31, 2021

Three Months ended

March 31, 2020

in thousands $ $

Total revenue 14,422 24,361

Add:

Amounts billed to customers for existing contract assets 127 48

Deduct:

Revenue recognized upon recognition of a contract asset - (5,496)

Adjusted total revenue 14,549 18,913

The following is a summary of how adjusted total revenue is calculated:

32

The following is a summary of how EBITDA and adjusted EBITDA are calculated:

RECONCILIATION OF EBITDA & ADJUSTED EBITDA

Three Months ended

March 31, 2021

Three Months ended

March 31, 2020

in thousands $ $

Net income (loss) (17,989) (1,729)

Add back:

Income tax expense 256 1,382

Net interest expense 2,586 3,100

Depreciation and amortization 2,076 2,349

EBITDA (13,071) 5,102

Add back:

Amounts billed to customers for existing contract assets 127 48

Stock-based compensation 105 105

Deduct:

Revenue recognized upon recognition of a contract asset - (5,496)

Other Expenses (Income):

Change in fair value of derivative liabilities 18,389 2,417

Change in fair value of contingent and variable consideration (gain) (616) 2,129

Foreign currency loss (gain) (714) 4,697

Inventory step-up 35 362

Other gains (losses) 96 (1,374)

Adjusted EBITDA 4,351 7,990

RECONCILIATION OF CASH VALUE OF LOANS

33

The following is a summary of how cash value of loans is calculated as at March 31, 2021:

March 31, 2021 December 31, 2020

$US thousands

Amortization

Loan

Convertible

Loan

Amortization

Loan

Convertible

Loan

Total long-term debt 38,231 41,621 40,426 41,042

IFRS present value adjustment (interest and principal) 5,587 10,879 6,254 11,458

Cash Value of Loans 43,818 52,500 46,680 52,500

CDN$ thousands

Amortization

Loan

Convertible

Loan

Amortization

Loan

Convertible

Loan

Total long-term debt 48,075 52,339 51,453 52,244

IFRS present value adjustment (interest and principal) 7,026 13,680 7,980 14,599

Cash Value of Loans 55,101 66,019 59,433 66,843